Last Updated on June 2, 2021 by Canadian Reviews
What is Wealthsimple Trade
Wealthsimple Trade is Canada’s first zero-commission trading platform. Officially launching in 2019, Wealthsimple Trade allows Canadians to buy and sell thousands of stocks and EFTs on major Canadian and US exchanges commission free. The first of its kind, and a separate service to Wealthsimple Invest, Canada’s top robo advisor and low-cost portfolio management.
Wealthsimple has over 1.5 million users and is trusted with over $10 billion and growing.
How do I open a Wealthsimple Trade account
Opening an account is extremely easy. You can sign up via their webpage or download the app on your Apple or Android device. Make sure you use a Wealthsimple Referral Link to get a $10 bonus when you trade $100. Here is ours: Wealthsimple Trade Referral
You will need to provide some details to get started. Such as:
- Full Name, Date of Birth
- Mailing Address, Phone Number
- Social Insurance Number
- Employment Information
If you already have a Wealthsimple account from one of their other products. Much of this will be skipped. You also need to link a savings or chequing account in order to fund the service.
Wealthsimple Trade Features
- No commission fees
- No account minimum – Get started with only a $1
- Instant deposit up to $250 (Premium subscription allows $1000)
- Stock watchlist
- Stock news and updates (Coming Soon)
- Notifications when stock prices move (Coming Soon)
Wealthsimple Trade Premium
With a premium upgrade you get access to real-time market data instead of the 15 minute delay regular accounts have. This feature is called called snap quotes. It is a snapshot of the market data at the time of the request.
You will also be given an instant deposit limit of $1,000 and have access to those funds immediately. Every 3 days this limit resets. Warning, if you go over your limit you will need to wait the standard hold time for processing. Currently this is 3 days for Trade or 5 days for Crypto accounts.
Upgrading your account costs you $3 monthly plus tax
Wealthsimple Trade Verdict
Wealthsimple Trade is Canada’s first zero-commission trading platform. Wealthsimple Trade allows Canadians to buy and sell thousands of stocks and EFTs on major Canadian and US exchanges commission free